5 Stocks That Will Double in 2024

1. Wayfair Inc. (NYSE:W)

Number of Hedge Fund Holders: 50

Wayfair Inc. (NYSE:W), previously known as CSN Stores, runs an e-commerce platform that sells furniture and more.

In the fourth quarter, hedge fund sentiment was positive toward Wayfair Inc. (NYSE:W) as hedge funds with a stake in the stock were 50, compared to 40 in the previous quarter. The top investor in the company was Zachary Sternberg And Benjamin Stein’s Spruce House Investment Management, with 3.65 million shares worth $225.205 million. 

On February 23, Piper Sandler analyst Peter Keith lowered the price target on Wayfair Inc. (NYSE:W)’s stock to $88 from $93 and kept an Overweight rating on the shares.

Alphyn Capital Management made the following comment about Wayfair Inc. (NYSE:W) in its second quarter 2023 investor letter:

“Wayfair Inc. (NYSE:W) has endured a tough couple of years, resulting in the stock being out of favor with investors, presenting the opportunity to earn premiums from covered call options. I profitably exited calls sold in Q1 and re-initiated a position following the earnings announcement. The market seemed unmoved by Wayfair’s claim of market share gains, given headline revenue declines of 7.3% for the quarter. However, a business update in June, in which the company disclosed rising order volumes, precipitated a stock price rally, forcing me to close out the calls. Longer term, Wayfair’s scaled presence in online furniture, comprehensive product offering, and prior investments in supply chain infrastructure is well-positioned to capitalize on the industry’s increasing shift to online. Assuming management maintains its recent focus on cost control, Wayfair is on track to return to profitability and reach its target margin of 30%.”

You can also look at the 11 Cheap AI Stocks to Buy in 2024 and 10 Best Stocks to Buy Before US Election Season 2024.

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